UPDATE 1-Intact Financial 2nd-qtr profit jumps; growth in Brazil eyed
(Adds details on Brazil investment)
By Cameron French
TORONTO, July 30 (Reuters) - Intact Financial Corp, Canada's largest property and casualty insurer, said on Wednesday its profits doubled in the second quarter, adding that the insurer had invested in a small insurance brokerage in Brazil.
Intact said the sharp profit growth was due to extreme flooding in Alberta last year, which had squeezed profits in the year-earlier quarter.
Net income totaled C$215 million ($197.99 million), or C$1.60 a share, up from C$103 million, or 73 Canadian cents a share, in the same quarter a year ago.
Operating income was C$1.53 a share, just short of analysts' estimates of a profit of C$1.556 a share.
The company's shares, which are up just over 3 percent year-to-date, rose 0.8 percent to C$71.67 on the Toronto Stock Exchange.
Underwriting profit climbed to C$128 million from C$42 million, as catastrophe losses dropped from the year-ago period, when floods hit Calgary and the surrounding areas.
In a statement, Intact Chief Executive Charles Brindamour said the company's personal and auto insurance lines produced strong results during the quarter, but that the commercial property and casualty insurance portfolio was disappointing, "warranting corrective actions." Continued...